SP500 technical analysis and NASDAQ analysis for today May 16th using Elliott Wave Theory- The market pushed higher and looks like it wants to break out. I’m skeptical, is it really bullish?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 was able to hold support and potentially start a C wave higher toward 4200. If they do we would look for a direct move over 4161 and then look for the market to hit 4176. After that as long as they are above 4156 it’s bullish.

However, if they fail to breakout we could see a deeper pullback toward the 4105 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ couldn’t quite breakout but is still setup to. As long as it’s above 13003 we can see a direct breakout.

However, if the bears can break the 13003 Then 12800 area and push down we could see a move to the 12500 area more directly